Surprising Results From The Intuit TurboTax Health Survey By Harris Poll

Harris Poll recently conducted the Intuit TurboTax Health Survey, designed to gauge respondents’ knowledge of Obamacare taxes as they relate to their taxes. Unfortunately, the poll revealed that just under 50% of Americans don’t realize they need to report their health insurance coverage status on their 2014 tax returns.

Over 2,000 adults in the United States over 18 years of age were questioned. The poll showed just how many people still don’t know how Obamacare and their health insurance relates to their taxes.

Barack Obama signing the Patient Protection an...
Barack Obama signing the Patient Protection and Affordable Care Act at the White House (Photo credit: Wikipedia)

For 2015 and beyond, the Affordable Care Act requires that Americans prove they hold qualifying health insurance while filing their 2014 taxes. Those without proof of coverage will face a tax penalty of varying amounts. A majority of uninsured Americans (62%) know about this penalty for lacking coverage. However, 87% don’t realize the deadline to avoid the penalty has already passed. If coverage is purchased during the current open enrollment period, then coverage applies to returns filed by April 2016 for 2015 taxes.

Plus, 56% of respondents didn’t know about potential exemptions from the Affordable Care Act’s tax penalty that are available. 45% of Americans don’t even know about the premium tax credits available to lower the cost of health insurance for low-income families. Even moderate-income families can qualify for partial discounts.

The nation’s leader in online tax preparation, TurboTax, has created a resource for Americans to understand the details of Obamacare. Users can access for TurboTaxHealth.com for more information. Through TurboTax Health, users can determine their eligibility for low-cost health coverage or determine their tax penalties if they lack coverage. Also, the site features TurboTax 2014 Exemption Check, which tells users if they qualify for exemption from the Affordable Care Act penalty. They can then apply for the exemption.

About 90% of all Americans have health insurance now. In the South, only 85% of people have coveraged, compared to 94% in the Northeast, and over 90% in the West and Midwest. Over 75% of people plan to continue the coverage they acquired from the Marketplaces the previous year. On top of that, early enrollees during the first open enrollment tend to know far more about the Affordable Care Act and its requirements. Individuals under a parent’s coverage tend to be less aware of penalties compared to those with coverage from an employer.

This particular survey was conduced by Harris Poll online within the United States. The survey was conducted for TurboTax from November 6 to 10 and November 13-17. In the survey, over 2,000 adults were surveyed both times. No probability sample was used, so now sampling error is available.

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How TurboTax 2014 Can Help You With Obamacare Taxes

Nearly Half Of All US Residents Don’t Know That They Have To Report The Status Of Their Health Insurance On Their 2014 Tax Returns

A recent survey has revealed that nearly half of US residents (approximately 48%) do not know that they are supposed to report their health insurance status on their tax returns for 2014. With tax time just around the corner, the Health Survey by Intuit TurboTax (Nasdaq: INTU) that was performed by Harris Poll over 2,000 US resident shows that by majority, Americans are still not aware of the connection between their 2014 taxes and their health care status.

As per the Affordable Care Act, 2015 is the first year that US residents are required to show proof of qualifying coverage when filing their taxes and if they fail to do so, they will face tax penalties. Although many uninsured adults within the US (about 62%), know that those without coverage will pay penalties according to Obamacare Taxes, 87% of this same demographic do not know that the deadline for avoiding this tax penalty passed some time ago. Any coverage secured during the current enrollment period, which ends in February of 2015, will only be applicable for tax returns filed in April 2016.

Most people who lack health coverage (56%), also don’t know that uninsured people who meet this criteria could be qualified for an exemption from the penalty that Obamacare Taxes entails.

Almost half of US residents (45%) do not know about the premium tax credits that help make coverage less costly for families that are at low to moderate income levels.

Sacha Adam, the product leader for TurboTax 2014 says that these figures show that people are still not aware of the full implications of Obamacare taxes. According to Adam, TurboTax 2014 is committed to bridging this gap by supplying people with a number of free resources that are easy to use and that help them to learn more about thee connection between their health care choices and their taxes.

One major offering from TurboTax 2014 that is designed to assist taxpayers with Obamacare Taxes is a free resource that can be found at TurboTaxHealth,com. This can be used to determine whether or not people are eligible to receive low-cost coverage and to learn what penalty must be paid if coverage has yet to be secured. The TurboTax Exemption Check is also here, which allows people who do not have coverage to quickly determine whether or not they are exempt from the ACA penalty and then people can then apply for this exemption.

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